How To Buy XRP In Australia in 2022
If you want to add XRP to your investment portfolio, then you can follow this step-by-step guide to buy it coin from a top crypto exchange in Australia.
What Is Ripple (XRP)?
XRP is a digital coin that is hosted on the Ripple blockchain network. Ripple was released in 2012 as a digital payment network and protocol where XRP is the digital currency. The purpose of ripple is to act as a global payment and asset exchange system used in the financial sector. At the time of writing, XRP is ranked as one of the most valuable cryptocurrencies with a market capitalization in excess of $39 billion.
Best Australian Places To Buy XRP In 2022
We have compared and selected the best Aussie platforms where you can purchase cryptocurrencies including XRP. All platforms have local offices with dedicated customer support teams, low trading fees, and are suitable for beginners.
|Exchange||Assets||Trading Fees||Our Rating||Learn more||Promotion|
|Swyftx||312||0.6%||Visit SwyftxSwyftx Review||None available at this time|
|Digital Surge||300+||0.5%||Visit Digital SurgeDigital Surge Review||None available at this time|
|CoinSpot||330+||1%||Visit CoinSpotCoinSpot Review||None available at this time|
|Independent Reserve||30||0.5%||Visit Independen...Independent Reserve Review||None available at this time|
|Binance Australia||600+||0.1% (maker) and 0.1% (taker)||Visit Binance Au...Binance Australia Review||None available at this time|
Based on our Swyftx review, Swyftx is the best overall crypto exchange in Australia to buy altcoins including XRP. To aid with the explanatory process, we have used Swyftx as the cryptocurrency exchange.
Any affiliate links with our partners may result in MoreCrypto earning a small commission or compensation at no extra cost to you whatsoever.
How To Buy XRP In Australia
An overview of the five steps to buy XRP (Ripple) in Australia is as follows:
- Open an account with an AUSTRAC registered exchange such as Swyftx.
- Verify your identity and activate 2 Factor Authentication (2FA).
- Choose a deposit method to fund your account with Australian Dollars (AUD).
- Select XRP (Ripple) from the asset list and enter the amount to buy.
- Review the transaction details and confirm.
Guide To Buying XRP In Australia
Step 1 - Opening An Account With A Crypto Exchange
Go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided.
Once the details are entered, accept the terms and conditions and click on “Create Account”.
Step 2 - Verify Your Identity
Using the new login details, login into your new Swyftx account to commence the ID verification process. Since Swyftx is an Australian-based crypto exchange, it is legally required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to obtain customer details and verify identities. This important security process must be completed before any AUD can be deposited into your account wallet.
The following will be required to complete ID verification:
- Email – login into your nominated email account and click on the email verification email sent by Swyftx.
- Phone number – Swyftx will send an SMS message to your nominated phone number.
- Identity – Swyftx will require a copy of either your Australian passport or driver's license.
The ID verification process with Swyftx takes less than 5 minutes to complete.
After the ID verification process is complete, we strongly recommend you set up 2 Factor Authentication (2FA). 2FA provides a basic level of security for the account where two methods of verification are needed to verify the account and also when funds are withdrawn. The 2FA setup page can be found under the “About” tab on the user account dashboard.
We suggest downloading Google Authenticator on your mobile device. The process will involve the use of the authenticator to scan a QR code or alternatively input a provided code to enable authentication of the device.
Tip: If the six-digit code provided by Google Authenticator does not work, then go into the settings and sync the time correction for codes. This should rectify the issue.
Step 3 - Deposit AUD Into Your Account
Before XRP can be purchased, Australian Dollars (AUD) will need to be deposited into your account wallet.
Swyftx offers you the greatest flexibility by supporting several ways to deposit AUD, including direct bank transfer, POLi, PayID, and credit card. Most of these methods will instantly deposit AUD into the account with the exception of bank transfers (unless via OSKO which is instant) and deposits made from credit cards.
Swyftx charges zero fees to deposit (or withdraw) AUD funds into the wallet.
Note, that Swyftx will send an automated email notifying you of the successful deposit of AUD funds into the wallet.
Step 4 - Enter In the Purchase
The buying window can be found under “Trade”. Next, click on “Buy” to view the screen below. The page will present the following:
- Amount of AUD in the wallet and available to spend.
- The current market price of XRP.
- Several order types (market, limit, stop, and recurring)
The default order type is “Market” which allows you to easily and quickly purchase SHIb in a single transaction. The other order types are for intermediate to advanced investors and a discussion of each type is detailed in our Swyftx review.
You can either enter in the amount of XRP you want to purchase or the amount of AUD you want to spend.
Step 5 - Review & Confirm The Purchase
After an amount of AUD is entered in, click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. The coins will be near-instantly transferred into your account wallet. Note, that once the purchase is confirmed, it cannot be reversed and AUD funds are recovered.
Buying Ripple (XRP) In Australia: Things You Should Know
How Does Ripple Differ To Bitcoin?
There are quite a few differences between Ripple (XRP) and Bitcoin. Firstly, Bitcoin is hosted on a decentralized peer-to-peer blockchain network where the middle-man can be excluded from transactions. On the other hand, Ripple was specifically designed to act as a payment system used by financial institutions and middlemen to conduct transactions between fiat, crypto, and even gold.
The second difference is that Bitcoins are created in a process called mining, whereas, XRP is not mined. All XRP coins were created upon its release in 2002, with additional coins put into the circulating supply on a regular basis.
Is Buying Ripple Legal in Australia?
The purchasing, trading, and selling of Ripple and other digital assets is legal in Australia. Cryptocurrencies are recognized by the Australian Tax Office (ATO) as property and are therefore subject to taxation. Since 2017, laws and regulations have been progressively introduced to control the crypto market. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 mandates that all Australian-based crypto exchanges are registered with AUSTRAC and adhere to specific security requirements.
What Is The Best Platform to Buy XRP In Australia?
XRP can be purchased from a wide range of cryptocurrency exchanges, however, the best place to buy XRP is Swyftx. The Australian-based exchange offers very competitive trading fees (0.6%), tight spreads, a feature-rich and carefully designed interface, and excellent customer support. A close second is Digital Surge which is more tailored for beginners.